MKM Partners Reaffirms “Buy” Rating for MBIA, Inc. (MBI)
MBIA, Inc. (NYSE:MBI)‘s stock had its “buy” rating reiterated by equities research analysts at MKM Partners in a research report issued to clients and investors on Thursday.
Other equities research analysts have also issued reports about the company. BTIG Research reaffirmed a “buy” rating and issued a $14.00 target price on shares of MBIA in a research report on Tuesday, June 27th. BidaskClub raised MBIA from a “sell” rating to a “hold” rating in a research report on Saturday, July 8th.
Shares of MBIA (MBI) traded down 2.64% during trading on Thursday, hitting $7.74. 9,231,992 shares of the stock were exchanged. The firm has a 50 day moving average of $9.83 and a 200-day moving average of $9.18. MBIA has a 12-month low of $7.14 and a 12-month high of $11.65. The company’s market cap is $973.82 million.
MBIA (NYSE:MBI) last issued its earnings results on Tuesday, August 8th. The insurance provider reported ($1.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($1.10). The business had revenue of $72.00 million during the quarter, compared to analysts’ expectations of $87.85 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. MBIA’s revenue for the quarter was down 39.0% compared to the same quarter last year. On average, analysts forecast that MBIA will post ($0.76) earnings per share for the current year.
MBIA announced that its Board of Directors has authorized a stock buyback program on Tuesday, June 27th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 21.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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Hedge funds and other institutional investors have recently modified their holdings of the business. Intl Fcstone Inc. acquired a new position in shares of MBIA during the second quarter valued at $127,000. Public Employees Retirement System of Ohio increased its holdings in shares of MBIA by 7.0% during the second quarter. Public Employees Retirement System of Ohio now owns 16,849 shares of the insurance provider’s stock valued at $159,000 after purchasing an additional 1,109 shares during the period. Proxima Capital Management LLC increased its holdings in shares of MBIA by 33.9% during the second quarter. Proxima Capital Management LLC now owns 805,000 shares of the insurance provider’s stock valued at $7,591,000 after purchasing an additional 204,000 shares during the period. Financial Partners Capital Management LLC increased its holdings in shares of MBIA by 12.4% during the second quarter. Financial Partners Capital Management LLC now owns 11,294 shares of the insurance provider’s stock valued at $107,000 after purchasing an additional 1,250 shares during the period. Finally, Tower Research Capital LLC TRC acquired a new position in shares of MBIA during the second quarter valued at $116,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.
MBIA Company Profile
MBIA Inc is a holding company. The Company, through its subsidiaries, is engaged in the financial guarantee insurance businesses in the industry. The Company manages its business within three segments: United States (U.S.) public finance insurance; corporate, and international and structured finance insurance.
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